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Blockchain Association

23 Dec, 5 tweets, 4 min read

1/ With all the dark DC news of the past few days, it’s refreshing to hear some good news: the SEC has paved the way for the custody of digital asset securities by special purpose broker dealers.

sec.gov/news/press-rel…

2/ For a period of 5 years, the SEC will refrain from taking enforcement actions related to the Customer Protection Rule if the special purpose broker dealer meets the enumerated requirements listed in the statement.

sec.gov/rules/policy/2…

3/ This will allow time for the digital asset custody marketplace to develop and for the SEC to monitor the space as it develops. The window will allow for the SEC to evaluate these rules after examining the growth of this space in the years to come.

4/ In the meantime, we now have rules of the road that have been a long needed prerequisite to the growth of the digital asset securities sector.

@RepTomEmmer

end/ We also want to thank @RepTomEmmer, @RepDarrenSoto, @WarrenDavidson, @RepBillFoster, @RepDavid, @RepTedBudd, @RepRoKhanna, @DanCrenshawTX & @RepRalphNorman for urging the SEC to take action on this very issue.

emmer.house.gov/_cache/files/1…

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More from @BlockchainAssn

Blockchain Association

@BlockchainAssn

23 Dec

1/ Have you had enough pre-holiday regulatory crypto news?

Treasury’s self-hosted wallet rule; SEC’s action against Ripple; & today’s action from the SEC on custody...and now we have a statement on stablecoin policy from a joint group of Trump admin officials...

2/ The President’s Working Group on Financial Markets (PWG) has issued a “Statement on Key Regulatory and Supervisory Issues Relevant to Certain Stablecoins.”

Here’s the full text: home.treasury.gov/system/files/1…

3/ So what’s this working group anyway? The PWG was created in '88 by Pres. Reagan to help regulators better address issues + crises w/i the financial sector (think fallout from Black Monday).

The group includes the Treasury Secretary, SEC Chair, CFTC Chair & Chair of the Fed.

Read 8 tweets

Blockchain Association

@BlockchainAssn

17 Nov

1/ Self-hosted wallets, a term you will likely hear more about as we roll in 2021. So, what are they and why are they important? A quick thread (with an in-depth report at the end):

2/ Simply put: self-hosted wallets allow individuals to engage in transactions over the internet on a peer-to-peer basis, with no other individuals or entities party to the transaction.

3/ These wallets demonstrate one of the key paradigm shifts of crypto: cutting out the middlemen. This presents new benefits (and challenges) to individuals, policymakers, & law enforcement agencies.

Read 8 tweets

Blockchain Association

@BlockchainAssn

16 Apr

Quick thread on where we're at in the U.S. with securities law, plus what we're doing to address those issues 1/

Today, many securities, like real estate investment and corporate equity contracts, are ultimately paper-based.

“Tokenizing” these assets would make them easier to manage and trade, improving the efficiency and liquidity of such financial markets. 2/

Efficient markets protect investors’ access to their assets and enhance market participants’ ability to raise capital.

Regulations largely prohibit U.S. markets from realizing benefits, bc regulations were designed to manage issuance, custody, + trading paper-based securities 3/

Read 5 tweets

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